Mr Cooper Group Inc (COOP)

[Roach58]

Actually, here in the real world the borrower only needs to be late on a payment and they start going after the co-signers...at least that's the way it was 8-10 years ago. I don't know how they do it in the world of high finance.

But the bank will only accept me as guarantor if I have a house or other capital/assets. Right?

And, yes that is absolutely right. Which makes one wonder...why would anyone abandon age old GAAP and pure common sense in order to provide financing for people who really could not afford the homes they were buying, paricularly in the age of instant knowledge regarding just about anything including individuals' financial well being? That really takes away plausible deniability doesn't it?